Argo Blockchain stocks go up 14% on expected Trump win

Crypto mining company Argo Blockchain is seeing its shares rise 14% after Donald Trump was predicted to win the 2024 United States Presidential Election.

According to data from the London Stock Exchange, Argo Blockchain shares rose over 14% to 10.75 GBX on November 6 after Republican candidate Donald Trump was predicted to win the US Presidential Election.

Shares of Argo have managed to recover from the decline in early November, peaking at 11 a.m. GBX on October 29. The crypto mining company’s market capitalization stands at £59.96 million with a transaction volume of 2,436,448. Similarly, shares of Argo Blockchain on the Nasdaq exchange rose more than 5% to $1.19 on Nov. 6, according to Google Finance.

At approximately 2:30 a.m. EST on November 6, Trump declared victory over Democratic Candidate Kamala Harris. According to current rapid count results published by AP News, Donald Trump has 267 of the 270 electoral votes needed to win the Election and is leading in the remaining key races, including Pennsylvania, Michigan and Wisconsin.

Trump’s expected victory over Harris is seen as a major victory by many crypto enthusiasts. While both candidates boast pro-crypto policies, Trump has been particularly vocal about his support for the crypto industry.

Trump promised to end the “war on crypto” and support Bitcoin (BTC) innovation in the US. He reiterated his plan to pardon Silk Road founder Ross Ulbricht, who is serving a life sentence. He also promised to fire Securities and Exchange Commission Chairman Gary Gensler.

In June 2024, Trump said he wanted all remaining Bitcoin to be mined in the United States, citing its potential to dominate the country’s energy sector.

According to Argo Blockchain’s October operations update, the company managed to mine a total of 46 Bitcoins per day, or about 1.5 BTC on average. The amount of profit from crypto mining reached $3 million, an increase of 36% compared to the previous month.

The company cited lower power costs, increased uptime, as well as a stronger hash price throughout October for the increase in mining revenue. As of October 31, 2024, Argo Blockchain held two BTC equivalents.